Costain, one of the UK's leading construction companies, has reported a profit of £19.8m before tax compared to a loss of £61.7m last year.

Chief Executive Andrew Wylie said: "The construction market has continued to consolidate and polarise towards a smaller number of larger contractors. Our strategy will ensue that Costain is one of those larger contractors."

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The company said all of its operations had gained profit for the first time since 1990 and recommended the payment of a dividend for the first time in 17 years.

Costain said it achieved a profit in its oil, gas and process operations for the first time in six years.

The company, based in Maidenhead, said the business is in a strong position to seize opportunities in its markets, where growth is underpinned by major long-term spending commitments by target blue-chip customers, and is on course to deliver results in line with its expectations.

(CD/JM)